Advice - shuffling money round accounts

jennifernil

You don't set it up in the Halifax account.

First you need to open/have accounts that can pull in money to the account by DD, then you get that bank to set up the DD.

Just like say a charity sets up the DD when you want to donate.

Steve_xx

Zola. wrote: »

I am in my halifax account and I am really struggling, I cant see an option anywhere to create a Direct Debit to pay into my other account.

Can someone please advise? I can see an option to setup a standing order, but that wouldnt count for the reward account.

Ok get ready for a tad more complexity.

You are at the stage where you need to open two Tesco savings accounts. There are two different named ones that you can open, but there's nothing to choose between them interest wise. The beauty of the Tesco accounts is that you can pull money from your other accounts in the form of direct debits. So, once you have the two Tesco accounts up and running you set a dd from each of them to pull £1 a month from your Halifax account or any other account that needs a dd mandate setting up on it. You can use the two Tesco accounts to fulfill all of your dd mandate requirements in other current accounts. You need two Tesco accounts because the current accounts often require dd mandates are to two different destinations.

There aren't any other accounts, other than the Tesco accounts where you can set your own dd mandates you see.

You need the following Tesco accounts:Internet Saver and the Instant Access Savings account.

Zola.

Thanks. I will look into this.

I am applying for a mortgage hopefully in about 12 months time...I am a bit nervous about damaging my rating if I open too many accounts up. In the two I set up today (TSB & Nationwide), I declined an overdraft facility. Can you do this with the Tesco accounts?

So to clarify, I create two separate DD's from within each of my tesco accounts (can it be as little as 10p?), which will then send a prompt to my halifax account asking if I can confirm it?

Steve_xx

Zola. wrote: »

Thanks. I will look into this.

I am applying for a mortgage hopefully in about 12 months time...I am a bit nervous about damaging my rating if I open too many accounts up. In the two I set up today (TSB & Nationwide), I declined an overdraft facility. Can you do this with the Tesco accounts?

So to clarify, I create two separate DD's from within each of my tesco accounts (can it be as little as 10p?), which will then send a prompt to my halifax account asking if I can confirm it?

The tesco bank accounts are savings accounts, so wouldn't think they'll affect credit ratings. But others here will better advise you on that than me.

A 10p dd mandate - again not sure but can't see why not.

You wont be prompted from the Halifax end. It'll just show up on your Halifax account.

ricz_1

OH! And don't forget to activate paperless correspondence on your TSB account or you won't get the 5% interest!

aliasojo

Zola. wrote: »

So to clarify, I create two separate DD's from within each of my tesco accounts (can it be as little as 10p?)....

Steve_xx wrote: »

A 10p dd mandate - again not sure but can't see why not.

The minimum DD is £1. Tesco wont do less.

Zola.

Ok...productive day. I have setup both those Tesco accounts now and linked £1 from halifax to go into each as an opener...hasnt happened yet but I guess it may take a day or two. Then I have set up two monthly DD's from my Halifax account of £1 to go into each of the tesco accounts until further notice.

so now I have

1. Santander 123 Current Account
2. Halifax Reward Account
3. TSB Classic Plus
4. Nationwide Flex Direct
5. Tesco Internet Saver
6. Tesco Instant Access Savings

I usually get paid a few days before the end of the month.
If I move £1000 between all the above accounts in a circle (except tesco) that should meet all the requirements?

badger09

Zola. wrote: »

Ok...productive day. I have setup both those Tesco accounts now and linked £1 from halifax to go into each as an opener...hasnt happened yet but I guess it may take a day or two. Then I have set up a monthly DD from my Halifax account of £1 until further notice.

so now I have

1. Santander 123 Current Account
2. Halifax Reward Account
3. TSB Classic Plus
4. Nationwide Flex Direct
5. Tesco Internet Saver
6. Tesco Instant Access Savings

I usually get paid a few days before the end of the month.
If I move £1000 between all the above accounts in a circle (except tesco) that should meet all the requirements?

Just leave your Tesco accounts to collect your £1 (x however many by DD) then xfer back to wherever you've got spare capacity (Santander?) every few months.

You'll need to have £2000 in TSB, £2500 in Nationwide and at least £3000 in Santander for max benefit. You won't want to leave much in your Halifax Reward as it pays no interest.

Otherwise, you have a plan

Can I suggest that you make a note of the funding & other requirements of all of these new accounts now while they're fresh in your mind. Then you won't be back in a few months wondering why you haven't got the interest you expected

Zola.

I have drawn myself a banking cycle diagram to show where the money goes.

When I get all my documentation and everything verified I will start the money moving process on the 1st of next month

You've all been a great help today.

In my current standings, I have calculated that after tax I can get about £30 a month interest from this.

jennifernil

Remember to have/leave enough in your Reward account to cover those DDs.